US judge is wary of Saudi case

* username: rupertbu

A New York judge has repeated his concern that his court may not be the proper place for claims to be heard from a Saudi company alleging it was the victim of a US$10 billion (Dh36.72bn) fraud by the Saudi businessman Maan al Sanea.

The fraud claims, which Mr al Sanea denies, stem from a case originally brought by the Dubai-based Mashreqbank last summer against Ahmad Hamad Al Gosaibi and Brothers, a Saudi conglomerate, over a default on $150 million in foreign exchange transactions.

Al Gosaibi has acknowledged the default, but filed a third-party complaint pinning it on the collapse of an alleged fraud by Mr al Sanea.